AIG Settles, Agrees To Death Benefits Laws
|By Dave Solomon, The New Hampshire Union Leader, Manchester|
The seven states have been pushing the insurance companies to use the
The investigation by the states' insurance commissioners found that AIG and other companies selectively used the
According to the terms of the settlement, AIG must regularly check the
"The company then must comply with
Beneficiaries may not be aware of their status or may not be aware that the policyholder has died, although such cases are rare. In agreeing to the settlement in April,
The insurance companies have agreed to pay fines to be shared by the seven states, and to investigate claims that should have been paid in the past.
"I think the primary beneficiary of these examinations are those beneficiaries who will now be notified that they are owed money," Nyhan said. "If they can't find the beneficiary, for whatever reason, eventually the money would be given to the state and appear as abandoned property in the annual abandoned property report."
For more information, consumers can call the
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|Source:||McClatchy-Tribune Information Services|